Question
If a company's expenses exceed its revenue for the year, the company has made a profit. True h. False 25. A labor-intesive business relies on nore hurman resources to operate tha on buildings, machinery and True h. False 26. Buildings, equipment and money that a business needs in order to produce its good and services are called h. natural resources c. capital d. knowledge e. human resource is the study of how a society uses its scarce resources to produce and distribute goods and services to its citizens. a. Economics b. Allocation c. Productivity d. Entrepreneurship e. Trade-offs 2B. The study of a regonal, nationalor global eonomy, including such issues as the effects of government policies, competitive behavior among firms, and how that economy allocates its scarce resources is: d. socialism e. capitalism 29. The time, effort, talents, capabilities and labor of the employees af an organ zation would be dassified as: b. natural resources c. human resources d. capital 30·The means by which a society distributes its resources in order to satisfy the needs of its citizens is an-. a. distribution systern b. economic system c. supply system. d. sociopolitical system. e. opportunistic system 31. A business owner has to decide whether the cormpany should purchase new manufacturing equipment open a new retail store in another city, or inves in a major advertising campaign. The value of the most attractive option that the business owner did NOT choose is its a. resource value b. trade-off cost c. opportunity cost d. decisional value e. factor analysis determination 32. The economic system in which individuals and businesses make the decisions about what products or services to produce, how to produce them, to whom to sell therm and at what prices would BEST be b. planned systern c. free-market system 33. An economic system where individuals ow and operate the majority of businesses with limited economic intervention by the govemment is characteristic of a a. Communist c. planned d. socialist
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